You've likely heard about various financial aid options such as grants, loans, and scholarships, but what do these terms really mean, and how do they affect your college journey? We'll break down the key differences between grants, loans, and scholarships to help you navigate the complex world of college financing.
Based on Financial Need: These scholarships are awarded to students based on their financial circumstances, primarily targeting those with limited financial resources.
Income and Asset Assessment: They consider factors like family income, the number of dependents, and assets to determine eligibility.
Limited Competition: Need-based scholarships typically face less competition as they cater to a specific group of applicants.
Based on Multiple Criteria: These scholarships consider various factors, including academic achievements, leadership, community involvement, athletic or artistic talents, and more.
Highly Competitive: Merit-based scholarships attract top-performing students, making them highly competitive opportunities.
Objective Evaluation: Applicants are assessed based on specific criteria, making the selection process relatively objective.
Need-based and merit-based scholarships serve distinct purposes. Understanding their differences can help you decide which scholarships align with your needs and accomplishments, making your educational journey more affordable and accessible.
OperationSTART can help you connect with local organizations to make your application stand out among the rest!